TEVA CEO TO LEAVE IN 2007
After serving 4½ years as president andchief executive officer (CEO) of the world'slargest manufacturer of generic drugs, IsraelMakov has announced that he is resigning hispost. Makov has been with Teva Pharmaceutical Industries Ltd for morethan 10 years, and the reasons for his sudden resignation were not disclosed.The position will be filled on a designate basis by Shlomo Yanai,president and CEO of Makhteshim-Agan Industries Ltd, a leading makerof agricultural chemicals, sometime during the "first part" of 2007,according to Teva.
Makov joined Teva in 1995 and has served as chief operating officer,executive vice president, and vice president of business development.He was appointed to the post of president and CEO in April 2002. Duringhis tenure as CEO, Teva's annual net income more than doubled to $1.1billion by 2005. He orchestrated the takeover of US drug maker Ivax,which kept Teva ahead of other generics competitors in light of othermergers. Teva's stock also doubled during his term as president. Makovwill continue to serve as a senior strategic advisor for the next 2 years,and he will work alongside Yanai and the board at Teva to assist in thetransition, according to the company.